Manufacturing Industry
Millennium losses won't hurt Equistar.(News)
Plastics News, August, 2003
Byline: Frank Esposito Management changes and job cuts at Millennium Chemicals Inc. are not expected to have much impact on Equistar Chemicals LP, the polyolefins/ olefins maker that is partially owned by Millennium. Millennium President and Chief Executive Officer William Landuyt stepped down July 21, as the Red Bank, N.J.-based firm announced that it expects to post a loss of 25-30 cents per share for the second quarter of 2003.
The firm had lost 80 cents per share - or $51 million - in the first quarter, after losing $284 million for all of 2002. Board member Robert Lee will replace Landuyt, who had led the firm since its inception in 1996. The company also announced it is cutting 175 jobs worldwide as part of an effort to save $20 million annually....
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